The South African Institute of Chartered Accountants (SAICA) has updated its code of professional conduct to include the IESBA standard on Non-compliance with Laws and Regulations (NOCLAR), which will come into effect on 15 July 2017.
NOCLAR is any act of omission or commission, intentional or unintentional, committed by a client or the professional accountant’s employing organisation which is contrary to the prevailing laws or regulations. The IESBA standard offers professional accountant a guide to assess and respond to such acts.
“These new ethics requirements position the accountancy profession to play a greater role in the fight against NOCLAR, such as financial fraud, money laundering, and corruption. We are committed to assisting members and associates with guidance to apply the new requirements,” SAICA senior executive: assurance and practice Willie Botha concluded.